SpiceJet Ltd on Friday reported its highest profit in the June quarter. The profits were generated, from the other incomes including reimbursements from Boeing Co. for the revenue loss due to the grounding of 737 Max aircraft. Other than expanding SpiceJet’s fleet size to cater to more routes and passengers, the profit was also due to the higher passenger traffic following the grounding of Jet Airways.
According to the airline, the stand-alone net profit of the company rose to Rs 261.7 crore in June quarter from a loss of Rs 38.1 crore in the corresponding period of the previous fiscal year. Polled by Bloomberg, the result beat the estimates compiled by six brokers. Bloomberg expected it to report Rs 137.50 crore in profit.
In April, SpiceJet benefited from an expansion plan following the grounding of cash-strapped of Jet Airways. The Gurgaon-headquartered airline has obtained several domestic slots at key airports, which were left vacant by Jet Airways.
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On Friday, SpiceJet’s shares 1.47% to Rs 137.95 on the BSE, outperforming the benchmark Sensex, which rose 0.68% to 37,581.91 points.